Mish Shedlock Blog | Republicans Propose a Means Test Instead of $600 Weekly Benefits | Talkmarkets
Investment Advisor Representative - Sitka Pacific Capital Management

Mike "Mish" Shedlock is a registered investment advisor representative for SitkaPacific Capital Management. Sitka Pacific is an asset management firm whose goal is strong performance and low volatility, regardless of market ... more

Republicans Propose a Means Test Instead of $600 Weekly Benefits

Date: Sunday, July 26, 2020 9:11 PM EDT

The Republicans finally got their act together on a Covid proposal.

Clock Just Ran Out on $600 in Weekly Unemployment Benefits

As noted earlier today the Clock Just Ran Out on $600 in Weekly Unemployment Benefits while Republicans debated alligator sausage, literally. 

Moments ago, the Republicans finally reached a decision internally, but it's one that will not fly with Democrats.

GOP to Propose Aid Bill With Extra Jobless Benefits Set to Expire

Wall Street Journal reports GOP to Propose Aid Bill With Extra Jobless Benefits Set to Expire.

After days of disagreements between the White House and GOP lawmakers, Republicans are set to release their proposal for the next coronavirus relief bill on Monday with millions of Americans on the verge of losing expanded unemployment benefits.  

Lawmakers now have little time before the $600 weekly supplement to jobless benefits ends. In negotiations with Democrats, three months before the election, an agreement on unemployment insurance might prove to be the most difficult to reach.

Benefits Have Already Expired

I do not understand such comments. Benefits ended today.

The last full week in July ends Saturday July 25 for most state UI programs. And that is when the benefits expire, not July 31.

Republican Proposal Details

  1. Eliminate the $600 weekly benefit and replace that with a means test to rejigger benefits so that they replace roughly 70% of a worker’s former wages.
  2. Another round of direct $1,200 payments to would be sent to the same group of Americans as the last round—$1,200 to individuals with adjusted gross incomes below $75,000 and married couples making less than $150,000. Payments would be gradually reduced for incomes above those levels before they are phased out entirely. 
  3. $100 billion in aid to schools and universities and additional money for coronavirus testing.
  4. State and local governments would get no additional aid, but more freedom on how to spend previous money.
  5. The Republican bill would make it harder to successfully sue businesses, schools and health-care providers in coronavirus-related cases.
  6. Estimated total cost of about $1 trillion
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